Consortium Including Jungbu Power Selected as Preferred Negotiation Partner for Saemangeum Solar Power Project

Saemangeum Saebit Power Plant Perspective View

[Asia Economy Reporter Kim Bo-kyung] The Saemangeum Sebit Power Plant consortium, led by Korea Midland Power as the representative company, has been selected as the preferred negotiation partner for the Saemangeum Onshore Solar Power Zone 3 project.

The Saemangeum Sebit Power Plant consortium consists of Korea Midland Power, Hoban Construction, Hyundai Construction, four small and strong enterprises from the Jeonbuk region, Kookmin Bank, KB Securities, Energy Infrastructure Asset Management, Samil Accounting Corporation, and Dream Engineering.

The term "Sebit" in Saemangeum Sebit Power Plant means "three lights of hope for Saemangeum," symbolizing the three main principles of this project: profit sharing, revitalization of the local economy, and fostering the domestic renewable energy industry. The details are as follows.

First, a public interest foundation will be established, and funds accumulated through the project will be used for livelihood support for basic livelihood security recipients and scholarship programs. Local residents and local companies will participate directly as shareholders and share the project profits.

More than 50% of local equipment will be used, and local small and strong enterprises will participate in more than 40% of the construction. Additionally, Korea Midland Power’s small and medium enterprise co-growth support project will be expanded to local companies to contribute to the revitalization of the local economy.

100% domestic equipment, including the highest-efficiency modules, inverters, and structures, will be used to foster the domestic renewable energy industry, reducing reliance on foreign solar power equipment.

The Saemangeum Sebit Power Plant consortium plans to begin negotiations this week to conclude the implementation agreement for the swift progress of this project. They will start obtaining permits next month, complete construction by December next year, and operate the project for 20 years until December 2041.

Park Hyung-gu, President of Korea Midland Power, stated, "As a national energy public enterprise, Korea Midland Power will focus all its capabilities to ensure that this project becomes a model for large-scale domestic solar power projects, promoting qualitative growth in the renewable energy sector through profit sharing, revitalization of the local economy, and fostering the domestic renewable energy industry."

This content was produced with the assistance of AI translation services.